Assembly Majority Leader Louis Greenwald (D-Camden, Burlington) released the following statement today after the New Jersey State Supreme Court’s decision that State borrowing authority under the COVID-19 Emergency Bond Act is constitutional:
“Almost no state in the nation has been hit harder by the COVID-19 pandemic than New Jersey. The threat it continues to pose to our economy, businesses, health care systems, and our most vulnerable residents is real and must be addressed with bold and decisive action.
“I applaud the Court for their unanimous decision that the unprecedented challenges we face as a result of the ongoing public health and economic crisis make the borrowing permitted under the COVID-19 Emergency Bond Act constitutionally sound.
“The borrowing will allow the State to stave off massive property tax increases, and to provide funding for our schools, institutions of higher education, municipalities, first responders and more.
“Borrowing was our ‘last resort’ option and one I would not typically support under ordinary circumstances, but we are still fighting our way through an once-in-a-lifetime pandemic and an unparalleled decline in revenue. Let’s be clear, there was no other plan in place or presented by our fellow colleagues across aisle. We made an unprecedented choice during an unprecedented crisis, doing what is right for New Jersey residents.”